South Korea extends hoarding ban on urea and syringes

The South Korean government has extended the ban on the hoarding of urea solution, urea, and medical syringes/needles for an additional two months, until October 31. This decision, announced during a meeting led by Deputy Prime Minister and Minister of Economy and Finance Gu Yun-cheol, aims to mitigate supply chain uncertainties caused by the ongoing conflict in the Middle East.

While the ban is extended, the government is relaxing certain storage thresholds due to improved import conditions. For urea solution, the threshold for prohibited storage has been adjusted from exceeding 150% of the previous year's monthly average sales to exceeding 200%. Similarly, the storage standard for medical syringes and needles will remain at the relaxed 200% threshold to support stable supply as manufacturer inventories have been increasing.

In addition to supply chain management, the government is considering declaring Geoje and Tongyeong in Gyeongsangnam-do as special disaster zones following heavy rainfall. The administration also plans to implement livelihood stability measures, including large-scale discounts on agricultural, livestock, and fishery products ahead of the Chuseok holiday, and will announce the ninth petroleum maximum price on August 21.